“A very dangerous time for the world” – a stern warning from Australia’s finance minister

US-Israeli war with Iran has plunged world economy into ‘really dangerous time’, Australian finance minister warns Jim Chalmers. The news channel tells about it CNN.

The war between the United States, Israel and Iran has almost completely closed the Strait of Hormuz, which is a vital sea route for world trade.

As a result of the crisis, the world has a shortage of oil, natural gas and fertilizers. This has caused fuel and food prices to rise everywhere.

On Tuesday, the International Monetary Fund (IMF) announced that it expects global economic growth to be 3.1 percent and general inflation to be 4.4 percent if the conflict remains short-lived.

However, the IMF warned that closing the strait until next year would push growth to two percent this year and next, pushing the world economy to the brink of recession.

“The IMF is sounding the alarm about some pretty serious scenarios. This is a very serious, very dangerous time for the world,” Chalmers commented.

According to Chalmers, the war in Iran “can’t end fast enough” from an economic point of view.

He estimates that the consequences for the world economy will still be felt for some time, even if the war ends and the Strait of Hormuz is reopened properly.